SOURCE: Pine Ridge Holdings, Inc.

June 26, 2008 10:00 ET

Pine Ridge Holdings/ServeNation Hires V.P. of Sales and Releases Valuation Estimates

FORT WAYNE, IN--(Marketwire - June 26, 2008) - Pine Ridge Holdings, Inc. (PINKSHEETS: PINR) CEO Kevin May announced today that ServeNation has aligned its staff to follow the quick growth / spin off strategy recently announced by the company.

May explained, "Andrew Maley has been hired as Vice President of Sales and Marketing for ServeNation to aggressively pursue three areas -- 1) the addition of independent contractors to penetrate high opportunity areas of the country. Currently ServeNation has nine independent contractors and estimates having 15 by October 1, 2008. 2) to manage growing incoming requests and add new ServeNation stores. Today, ServeNation hosts a dozen stores and has a goal to bring this number to 500 by November 1 -- the beginning of the holiday buying season. Gift cards sales totaled $26 billion during the holiday season of 2007 and it is estimated that 500 active gift card stores will generate more than 100 orders per day. 3) aid in the education of consumers using the store. ServeNation has recently added a recurring order feature allowing just one visit to a ServeNation store to generate automatic monthly orders. More information about Mr. Maley will be made available on the company website."

May added, "I am also providing Mr. Maley with support from Pine Ridge employees who are being shifted to help with this growth effort. It is also my hope that PINR shareholders will be a part of the rapid growth of ServeNation. If each shareholder would choose a charitable cause from the ServeNation website and encourage others to use the ServeNation stores, we would add fifty more orders per day in no time at all. This not only helps the charity and the company, it is done in a manner which gives each purchaser full value of the purchase."

May concluded, "To help PINR shareholders understand our spin off strategy and how effective each of these small sales strategies can be, we have posted valuation spreadsheets on the Pine Ridge Holdings website -- http://www.pineridgeholdings.com. This information is taken from the detailed valuation report provided by our M&A Consultant. We encourage all investors to see the sales and activity numbers we are striving for before the spin off can occur."

This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.

Contact Information

  • CONTACT:
    Pine Ridge Holdings, Inc.
    Kevin May
    260-637-9090